“The measures that have been put in place during the past 12 months are sufficient to achieve the desired outcomes, given adequate time for their transmission through the financial sector,” the central bank said in a statement.

Interest rates were lowered by 100 basis points in two meetings since May to bolster the economy after deadly Easter Day bomb attacks by Islamist militants.

Pressure on the rupee has been building since early September as foreign investors started to pull out their funds after the central bank’s rate cuts. The rupee is down around 4% against the U.S. dollar since April.

The central bank also reduced the SRR by 250 bps, releasing around 150 billion rupees ($832 million) of liquidity to the financial market and imposed caps on rupee deposit interest rates that enabled banks to reduce the cost of mobilising funds from the general public.

The Monetary Board last month ordered banks to cut interest rates on all rupee denominated loans by at least 200 basis points by Oct. 15, from levels in April.

The central bank said on Friday the economy was likely to remain subdued this year and was expected to recover gradually in the medium term. It had said in August that growth would slow to 3.1% or less in 2019.

Growth eased to a 17-year low of 3.2% in 2018 and a Reuters poll has predicted growth will be its lowest in nearly two decades this year.

Analysts say investors and businesses will likely be cautious until the Nov. 16 presidential elections are over.

“We are very close to the elections, so there is unlikely to be a change in rates,” said Dimantha Mathew, head of research at broker First Capital Holdings.

Capital Economics said in a report it was pencilling in a 50-basis-point cut for the second half of next year. “Global sentiment should start to improve around the middle of next year, and this could allow the central bank to cut interest rates further,” said Alex Holmes, Asia economist.

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